What is a 529 plan?

A 529 plan is a tax-advantaged savings plan designed to encourage saving for a beneficiary’s future qualified higher education expenses, including K-12 tuition expenses. Learn more.

Is my529 a 529 plan?

Yes. my529 is a nonprofit 529 plan established by the State of Utah in 1996. my529 is Utah’s official and only 529 plan. Learn more.

Who can open a my529 account?

Anyone at least 18 who has a valid U.S. Social Security or Taxpayer Identification Number and a physical address that is not a PO Box can open a my529 account. Trusts, partnerships, and corporations also can be account owners. Learn more.

What are the tax advantages of a my529 account?

Earnings accumulate deferred from federal and Utah state income taxes. Withdrawals are tax-free when used to pay for qualified higher education expenses, including K-12 tuition expenses, of your beneficiary.

A Utah taxpayer who is an account owner, including a Utah trust, may take a 5 percent Utah state income tax credit on contributions up to certain limits if the beneficiary was younger than age 19 when established as the beneficiary on the account.

Utah corporations can claim a state income tax deduction for contributions up to certain limits.

If the age 19 requirement is met, the account owner is eligible for the Utah state income tax credit or deduction for the life of the account each year a contribution is made. Learn more.

Do I have to be a Utah resident to open an account?

No. You do not have to be a Utah resident to open an account. Learn more.

How many accounts can I open?

You may open as many accounts for a beneficiary as you wish. Each account can be invested in only one age-based, static, or customized investment option. If you open more than one account for the same beneficiary, each account must be invested in a different investment option. All account balances for the same beneficiary, regardless of the owner, will be aggregated for purposes of determining the maximum account balance limit, which currently is $446,000. Learn more.

Can friends and relatives contribute to an account?

Anyone can contribute to a my529 account. Account owners can invite friends and relatives to write a check or make contributions via the my529 Gift Program, which uses a unique code so you don’t have to disclose your account information. Learn more about contributions and the Gift Program.

A Utah taxpayer may not claim Utah state tax benefits for a contribution made to an account for which he or she is not the account owner.

Who can be a beneficiary?

Anyone with a valid U.S. Social Security or Taxpayer Identification Number can be a beneficiary. The beneficiary does not have to be a Utah resident. The account owner and beneficiary do not need to be related. The account owner and beneficiary can be the same person. Learn more.

Is my investment in a my529 account insured or guaranteed?

my529 offers 14 investment options with numerous underlying investments. Money in the FDIC-insured accounts is eligible for Federal Deposit Insurance Corporation (FDIC) insurance. All other investments are not insured or guaranteed by any federal or Utah agency, their employees, or directors. Your investment could lose value.

Services a special-needs student must have to enroll or attend school Learn more.

K-12 tuition expenses at public, private, or religious schools

my529 also can help you save for graduate school and vocational school. Learn more.

Do I need to use my savings at a Utah school?

You can use your account funds at any college, university, or vocational school in the U.S. or abroad that participates in federal financial aid programs. You also can use your account funds to pay for K-12 tuition expenses at any public, private, or religious elementary, middle, or high school in the country. Learn more.

How do I open an account?

Open an individual, institutional, or UGMA/UTMA account by submitting the appropriate Account Agreement form (Form 100, 102, or 104). Forms are available at beta.my529.org or by requesting a form at 800.418-2551. Learn more.

What happens if my beneficiary decides not to go to college?

Instead of closing your account by making a nonqualified withdrawal of your funds, you can change the beneficiary without harmful tax consequences, as long as the new beneficiary is a member of the family of the previous beneficiary. Learn more.

What kind of web security does my529 offer?

my529 uses Secure Socket Layer (SSL) technology that encrypts information you provide to us via your computer. The information is decrypted once it reaches my529. The SSL technology ensures information is secure in transit and prevents it from being redirected to an unauthorized third party. Learn more.

Please Read. This Is Important.

If you are going to invest your money in a my529 account, we encourage you to learn how our college savings plan works. The Program Description explains the investment options, rules on contributions and withdrawals, tax benefits, fees, and risks. Your investment could lose value. Except for the FDIC-insured option, my529 investments aren’t guaranteed.

Important Legal Notice

Investing is an important decision. Read the Program Description in its entirety for more information and consider all investment objectives, risks, charges, and expenses before investing. The Program Description is available for download
here, or a printed copy can be mailed to you by requesting it online at
info@my529.org.

Account Value. The value of your my529 account may vary depending on market conditions and the performance of the my529 investment option you select. It could be more or less than the amount you contribute. In short, your investment could lose value.

However, my529 offers some investments insured by the Federal Deposit Insurance Corporation (FDIC), which will guarantee that portion of your investment up to certain limits, as described below.

No Guarantees. Investments in my529 are not insured or guaranteed by my529, the Utah State Board of Regents, the Utah Higher Education Assistance Authority or any other state or federal agency. Your investment could lose value. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured accounts. Please read the Program Description to learn about the FDIC-insured accounts. Units in my529 have not been registered with the United States Securities and Exchange Commission or with any state securities commission.

FDIC Insurance. Except as described in this paragraph, investments in my529 are not insured by the FDIC. However, my529 offers an FDIC-Insured investment option. In addition, my529 offers investment options that include FDIC-insured accounts as underlying investments. FDIC insurance, up to applicable limits, is provided for the FDIC-insured accounts held in trust by my529 at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank) (collectively Banks). Contributions to and earnings on the FDIC-insured accounts are allocated between the Banks according to the following percentages: Sallie Mae Bank (90 percent) and U.S. Bank (10 percent). Money in the FDIC-insured accounts is insured by the FDIC on a pass-through basis to each account owner at each Bank up to the maximum amount set by federal law, which is $250,000 at each Bank. The amount of FDIC insurance provided to an account owner is based on the total of (1) the value of an account owner’s investment in the FDIC-insured accounts at each Bank plus (2) the value of other accounts (if any) owned by the account owner and held at each Bank, as determined by the Banks and by FDIC regulations.

Non-Utah Taxpayers and Residents. The state in which you or your beneficiary pays taxes or lives may offer a 529 plan that provides state tax or other benefits, such as financial aid, scholarship funds, and protection from creditors, not otherwise available to you by investing in my529. You should consider such benefits, if any, before investing in my529.

Consult an advisor. my529 does not provide legal, financial, investment, or tax advice, and the information provided on this website does not contain legal, financial, investment, or tax advice and cannot be construed as such or relied upon for those purposes. You should consult your own tax or legal advisor to determine the effect of federal and state tax laws on your particular situation.

Morningstar rating. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions. Morningstar does not represent its analyst ratings to be guarantees. Please visit Morningstar.com for more information about the analyst ratings, as well as other Morningstar ratings and fund rankings.

my529 does not pay commissions, loads, or sales charges to financial advisors, nor does it endorse financial advisors.